Fees for ASIC regulatory services
The fees ASIC charges for specific regulatory activities have changed to reflect the actual cost to ASIC associated with the work. In most cases this has resulted in a fee increase. The Government passed the required legislation on 28 June 2018, with new pricing effective as of 4 July 2018.
Fees for service: part of industry funding
Industry funding laws that changed the way ASIC was funded took effect on 1 July 2017.
While around 90% of ASIC’s regulatory activities will be now be recovered in the form of industry funding levies, the remaining 10% will be recovered via fees for service.
ASIC’s latest Cost Recovery Implementation Statement (CRIS) provides information about how ASIC will implement fees for service under industry funding.
What regulatory services do ASIC's 'fees for service' apply to?
ASIC's fees for service impact a range of industry stakeholders including Australian credit licensees, Australian financial services (AFS) licensees, market infrastructure providers, responsible entities, registered liquidators, and companies. The fees apply to specific regulatory activities requested by a single entity. They apply to:
- licensing and professional registrations
- processing applications for relief applications
- requests for changes to market operating rules, and
- ASIC's formal compliance review of documents lodged by entities under the Corporations Act.
The previous fees for these activities did not reflect their actual cost to ASIC and the Government undertook several rounds of consultation with industry to get feedback on the changes.
Methodology and pricing
Fees for service are based on the Commonwealth cost recovery guidelines, calculated based on forecast costs and historical workflow analysis. ASIC has adopted tiered fees for some regulatory services to address their varied complexity (high, medium, low). This will help ensure the fees charged align with the actual effort and therefore costs involved. Tiered pricing applies to the following regulatory activities:
- AFS licence applications
- credit licence applications
- market licence applications
- notices of changes to market and CS facility operating rules, and
- Australian CS facility licence applications.
Activities excluded from fees for service
The fee for lodgement of certain forms will not be recovered under fees for service. Nor will costs associated with maintaining our Registry business.
Several rounds of consultation were undertaken on the proposed changes to ASIC’s fees for service. The Government released exposure draft legislation on the second phase of industry funding—the introduction of fees for service—on 11 April 2018. Consultation on the exposure draft legislation to implement fees for service under ASIC industry funding closed on 1 May 2018. ASIC then published its first fees for service Cost Recovery Implementation Statement (CRIS) for consultation, which has now closed.
- 28 June 2018 – Government passes fees for service legislation
- 4 July 2018 – new fees for service took effect
There are five pieces of legislation that implement ASIC’s fees for service:
- Corporations (Fees) Amendment (ASIC Fees) Act 2018
- Superannuation Industry (Supervision) Amendment (ASIC Fees) Act 2018
- National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018
- Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018
- Treasury Laws Amendment (ASIC Fees) Regulations 2018.